Nuvolt Corporation Inc.
TSX VENTURE : NCO

Nuvolt Corporation Inc.

April 21, 2011 08:54 ET

Nuvolt Corporation Announces Its Quarterly Financial Results as at February 28, 2011 and the Granting of Stock Options

LEVIS, QUEBEC--(Marketwire - April 21, 2011) - Nuvolt Corporation Inc. (« Nuvolt ») (TSX VENTURE:NCO) announces the filling of its quarterly financial statements, for the second quarter of the fiscal year 2010-2011.

"The quarter was devoted to the preparation for the manufacture of SmartScan in Asia. The validations, the adjustments, the production start-up and the training of personnel required most of the Company's human and financial resources. We are happy to have posted a few sales of the SmartScan product with agriculture customers" says Mr. Jacques Dion, President and Chief Executive Officer. "On results' side, a wind of optimism is being felt in the agriculture market, particularly after two years of a morose climate. Sales have not reached the pre-recession level, but the demand for products has picked up and is encouraging." concludes Mr. Dion.

Quarterly highlights :

  • The sales figure of the quarter ended on February 28, 2011 shows a 17% increase in comparison with the quarter ended on February 28, 2010. Since the start of the fiscal year, it is a 12.6% decline in comparison with the previous year;
  • Beginning of the marketing of the SmartScan : first delivery of products manufactured in Asia, Technology Showcases in place on Agriculture, Maritime and Industrial markets;
  • Second portion of the temporary loan obtained from Investissement Quebec has been received.

The quarterly financial statements and the management report can be view on the System for Electronic Documents Analysis and Retrieval (SEDAR), available at www.sedar.com.

Moreover, the Company announces that it has granted a total of 600,000 stock options at an exercise price of $0.10 par share to a Mr. Fernand Bois with whom a two-year consultation contract has been signed. The stock options can be exercised up until March 24, 2013.

About Nuvolt Corporation Inc.

Nuvolt has developed a specialized expertise in the management of electrical failures, power quality, the detection and neutralization of leakage current, as well as electrical network monitoring systems.

Nuvolt has devoted a great deal of energy to and has made major investments in the development of the SmartScan project. The SmartScan system is a user-friendly product that can be distributed by independent distributors active in specialized sectors including the farming, commercial and industrial sectors.

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management. You are cautioned that such statements can be subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and Nuvolt assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nuvolt Corporation Inc.
    Jacques Dion
    CEO
    418-833-0773
    418-833-4055